Types of Businesses
$100: A business owned by one person.
A: What is a proprietorship?
$100: The responsibility for debts or damages.
A: What is liability?
$100: A business that operates mainly to make money.
A: What is a for-profit business?
$100: A business that removes resources from nature, like oil drilling or logging.
A: What is an extractor?
$100: The group of individuals who buy products for personal use.
A: What is the consumer market?
$200: A business owned by two or more people.
A: What is a partnership?
$200: The written document that outlines how partners will run their business.
A: What is a partnership agreement?
$200: An organization that serves a purpose other than making money for owners.
A: What is a not-for-profit organization?
$200: A business that buys in bulk and sells to retailers.
A: What is a wholesaler?
$200: When a business sells directly to individual consumers.
A: What is business-to-consumer (B2C)?
$300: A business that is legally separate from its owners and can sell stock.
A: What is a corporation?
$300: A business structure that combines partnership benefits with protection from personal liability.
A: What is a limited liability company (LLC)?
$300: A person or company that makes raw goods, like farmers or miners.
A: What is a producer?
$300: A business that sells directly to the final customer.
A: What is a retailer?
$300: The group of organizations that buy goods and services for use in producing other products.
A: What is the business market?
$400: A business owned by its members who share the benefits.
A: What is a cooperative?
$400: A group of people elected by shareholders to oversee a corporation.
A: What is the board of directors?
$400: A business that uses raw materials to make finished products.
A: What is a manufacturer?
$400: A person or business that moves products from producers to consumers.
A: What is an intermediary?
$400: When businesses sell goods and services to other businesses.
A: What is business-to-business (B2B)?
$500: A business that is organized for a special project, often temporary, between two companies.
A: What is a joint venture?
$500: A payment to shareholders, usually in cash, from a company’s profits.
A: What is a dividend?
$500: A business that sells services instead of physical products.
A: What is a service business?
$500: A system that classifies businesses into industries for comparison across North America.
A: What is the North American Industry Classification System (NAICS)?
$500: The group of buyers that includes schools, hospitals, and religious groups.
A: What is an institution?